April 26, 2024

• 

[THE INVESTOR] Daewoo Engineering and Construction announced on Dec. 16 that it has signed a memorandum of understanding with Iran’s Gohar Energy and Korea Western Power for a US$500 million project to build a power plant in Iran. 

The project is from Iranian investment company Omid to build a 500-megawatt combined cycle power generation plant in Sirjan. 

The three parties are fine-tuning the details and accordingly the budget could increase upon further negotiations, said Daewoo. The project will commence as soon as the financial system of the Mideast country is restored. 

“As we are collaborating with Iran’s largest investment company, we expect to establish a ground for stable profits,” said the company official. 

“This project will let us secure a superior position in winning orders for private power generation businesses in Iran.”

By Hwang You-mee (glamazon@heraldcorp.com)